Press Release
| July 12, 2007
LeBoeuf Lamb Advises VTB Bank Europe on its $25 million Loan to Russian Retailer Nezabudka
(London, July 12, 2007) - LeBoeuf, Lamb, Greene & MacRae is advising VTB Bank Europe PLC as provider of a $25 million loan facility to Russian retail supermarket chain Nezabudka.
The VTB Bank loan to troubled Chelyabinsk company Nezabudka will assist with its repayment of debt to suppliers and enable it to proceed with its planned merger with Russian supermarket chain Grossmart, announced 10 July, 2007. VTB Bank was also the consultant on finding a strategic investor for Nezabudka.
According to the agreement of intent, the Nezabudka supermarket chain, with its 104 stores in the Ural region within the Russian Federation, and Grossmart, which has 142 supermarkets in 18 regions of Russia, will form a united retail chain. The chain will occupy one of the leading positions on the Russian retail market. The merged entity will be owned by InvestRetailGroup. Currently, the companies are discussing the details of the integration process.
VTB Bank is a longstanding client of LeBoeuf Lamb, whose London and Moscow offices regularly advise the bank on its transactions throughout the Russian Federation.
The LeBoeuf Lamb team advising VTB Bank included lead partner Bruce Johnston (energy and infrastructure finance, London) and associates Mohsin Iqbal and Helen Campbell (energy and infrastructure finance, London), and Anatoly I. Alexandrov (corporate and finance, Moscow).
This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent.
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